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June 19, 2014

Mercatus on Policy published a policy brief, by American Enterprise Institute scholar James K. Glassman and Mercatus Center scholar Hester Peirce, that outlines the regulations that give power to proxy advisory firms, discusses the nature and adverse consequences of that power, and offers suggestions for reform. The policy brief discusses the two major firms that dominate the proxy advisory industry and concludes that the firms' power derives from growth in the proportion of shares owned by institutions, the growing number of proxy votes, and the regulatory push toward reliance on outside

February 07, 2011

Thomas v. Met. Life Ins. Co. (10th Cir. Feb. 2, 2011) February 2, 2011 The Tenth Circuit Court of Appeals issued a decision determining whether a "financial services" representative employed by a broker-dealer was acting as an unregistered investment adviser or if the representative fit under the broker-dealer exception to the definition of investment adviser for advice that is "solely incidental" to services as a broker or dealer and done without receipt of "special compensation." The court analyzed the legislative history and SEC interpretations of section 202(a)(11) of the Advisers Act, and

June 30, 2015

The American Council of Life Insurers ("ACLI") submitted a statement to the Health, Education, Labor and Pensions Subcommittee criticizing the Department of Labor's proposed fiduciary duty rule. The ACLI statement was submitted at a Subcommittee hearing titled "Restricting Access to Financial Advice: Evaluating the Costs and Consequences for Working Families and Retirees." According to ACLI, the Department of Labor's proposed fiduciary rule will "restrict activities that encourage low-to-moderate-income Americans to save, stifle the formation of small business workplace benefit plans, and